What can one expect from cold calling? $$
99 RepliesJump to last post
Larry my entire history is on this site just look at previous threads. I have even posted my month to month numbers in the 2+ years I was at Jones. Have at it and then you will be back ripping on me because I am a bank FA, blah blah blah.Looks like all the regulars have come out to mock me. I guess you all are right, I’m going to liquidate 10%-15% of my client’s portfolios and send the money to Gaddock because he had a good 2009.
Just tell me where to send the check?
BTW, if Ron14 used to work the trading floor, why is he at a bank now…I guess he thinks CDs are sexy?
Like your momma?[/quote] Hate to admit it but I am DD and Lawrence and ADMIN and staffwriter2[/quote] and a janitor[quote=DD][quote=Moraen]It’s about to get ugly…
Don't bother, you'll never make my minimum. People who automatically find others suspicious are usually the ones that are the shysters. If you told me you beat the market the first thing that would come to my mind is to congratulate you and see if you were willing to share ideas. If you cant beat the market, well ... that's pathetic. Buy the SPY and write a call on it, taadaaaaa you've beaten the market. Ron knows a lot more than people give him credit for. He has convictions and sticks to them come hell or high water. My ideas are very different. It doesn't make either right or wrong just different. There isn't any magic to what I do. It's a matter of finding trades that have an 85% probability or better in my favor. Any one trade means nothing BUT the larger the sample the more validity the probabilities have. That's why I dropped 5000+ tickets in 09.Looks like all the regulars have come out to mock me. I guess you all are right, I’m going to liquidate 10%-15% of my client’s portfolios and send the money to Gaddock because he had a good 2009.
Just tell me where to send the check?
BTW, if Ron14 used to work the trading floor, why is he at a bank now…I guess he thinks CDs are sexy?
So you know I use options heavily. and then you write ... "Anyone in options made a KILLING!!!" but you're suspicious because I said I beat the market? to the point of accusing people of fraud? I'll bet you have a hard time making decisions. That's sounds like something Hillary Clinton or Nancy Pelosi would say.I’ve got to be honest: Someone who says they have a trading strategy that beats the market makes me suspicious. And, with your experience Gaddock, you should make yourself suspicious too; especially when we have Ron14 telling us to send you our money.
If you both weren’t senior members, I would certainly call fraud.
Markets are up ALOT in 2009. Any trading strategy (except a shorting strategy) made money last year. Anyone in options made a KILLING!!!
Update: Doesn’t help that Ron14 just answered a question to Gaddock; and in the manner I would expect Gaddock to answer. (same person?) This is starting to stink!
[quote=chief123]I too am a follower and fan… Care to divulge any other information about your calling strategy?
Residential vs Business or both.. Script preferences(product vs planning) Times to call average day?[/quote] BUMPI started at AGE and still sit at the same desk. The training salary declines for two years. At AGE it was either the salary or commissions whichever was greater. Then Wachovia came along and it was commission on top. By the time it had dwindles to a small amount but was nice. My sixth month and beyond my gross was far more than the salary then Wachovia came into the picture there was a lot less but it was nice on top. Now that it's gone there are rookie bonuses that are making up for it. I quit prop trading when my wife got pregnant. It was an all encompassing addiction that was one mistake away from being fired. The stress was huge and I wanted to have a relationship with my family. I now have two kids. It was the best move I've ever made.inspiring. thanks gaddock and congrats. im curious about 2 things-- first, what firm are you with that your collecting commissions so quickly rather than being on a flat training salary for your first couple of years? and what made you leave the trading job you had prior to this?
[quote=shrek][quote=chief123]I too am a follower and fan… Care to divulge any other information about your calling strategy?
Residential vs Business or both.. Script preferences(product vs planning) Times to call average day?[/quote] BUMP[/quote] On day one in production I called from a list that I purchased for training that had 3000 retired people on it. During training I found four other people to split Sales Genie five ways on an annual contract each of us had one day a week to get lists together. The four I chose were those that I thought had the least chance of survival. Within four months I had it to myself. Making a short story long ... residential. I found the best were people that had just moved to the area. The script was the generic AGE schtick. Hello bla bla this is bla bla with bla bla here in bla bla. I was calling to see if you're an investor and if so are you open to new ideas from time to time. out of 365 14 would say yes in what I considered a meaningfully way. I sent them a thank you note with my card that day. A week later I sent them a bio about me. The next week a short sample of a financial plan then the next week I would call with a 'good idea' As far as time to call I started at 8am and if I got 40 contacts I called it a day. These days were few and far between. Otherwise I called until 8pm and went home. I've posted this 20 times but I'll do it one more. 365 dials = 14 contacts = one customer after nine contacts This is new to the summary. It takes about 8 customers to get one client. I haven't made any cold calls for quite some time. I'm getting large referrals and I'm slammed during market hours running my book. My greatest accomplishment was having the guys a Thomson produce some software to my specification. They have a group of programmers that will create anything you can concoct. Luckily it works great and gives me a huge edge.[quote=Lawrence]Looks like all the regulars have come out to mock me. I guess you all are right, I’m going to liquidate 10%-15% of my client’s portfolios and send the money to Gaddock because he had a good 2009. Just tell me where to send the check? BTW, if Ron14 used to work the trading floor, why is he at a bank now…I guess he thinks CDs are sexy?
Don’t bother, you’ll never make my minimum.
People who automatically find others suspicious are usually the ones that are the shysters. If you told me you beat the market the first thing that would come to my mind is to congratulate you and see if you were willing to share ideas. If you cant beat the market, well … that’s pathetic. Buy the SPY and write a call on it, taadaaaaa you’ve beaten the market. Ron knows a lot more than people give him credit for. He has convictions and sticks to them come hell or high water. My ideas are very different. It doesn’t make either right or wrong just different.
There isn’t any magic to what I do. It’s a matter of finding trades that have an 85% probability or better in my favor. Any one trade means nothing BUT the larger the sample the more validity the probabilities have. That’s why I dropped 5000+ tickets in 09.[/quote]
I’m in NY, I deal with 100 scams every minute. Maybe this is why I am jaded.
I disagree that covered calls “beat the market”. I believe the EMH is right, there’s additional risk that comes with that return.
When I say “beat the market”, I mean make a greater return without taking more risk.
People who took more risk had greater returns in 2009.
People who took more risk tended to lose in '08 & '07.
And why you bashing Hillary, she’s my former Senate-ress…
I give up…anyone know how I can resize an image in this forum?
u say u wanted to spend more time with family, but theres no way u were working 8-8 as a prop trader, so u must be spending less time w/family now as an FA than u did then as a trader.
I don't think he is working 8-8 anymore.. just originally to build his book... Small sacrafice for 2 years, to be able to do what you want for the next 30... I think that is what he meant, as a prop trader the hours would never change. I remember at Jones some lady told me something along the lines of "Work like nobody else for 4 years, so you can live like nobody else for the next 40."u say u wanted to spend more time with family, but theres no way u were working 8-8 as a prop trader, so u must be spending less time w/family now as an FA than u did then as a trader.
It was more like 7am to 12 am. I didn't even use the bathroom during market hours. I worked all day Saturday and Sunday all I thought about was the open on Monday morning. The first year with this gig I did work until 8pm These days I'm in a 8am (the first one there believe it or not) and out of there by 4:30 - 6pm. I leave my work at the office. I love my job, I love my family, I have a perfect balance between the two.u say u wanted to spend more time with family, but theres no way u were working 8-8 as a prop trader, so u must be spending less time w/family now as an FA than u did then as a trader.
[quote=Lawrence]I’m in NY, I deal with 100 scams every minute. Maybe this is why I am jaded.
[/quote]
Less than 1 hour after I posted this, I just faced another scam:
I’m in a starbucks in SOHO. A guy comes in and says, "Is that anyone’s bike outside - It’s about to get stolen!"
The bike is locked to a street sign outside. There’s a guy with a hacksaw is cutting away at the bolts that hold the sign. The guy inside says, he will cut the bolts and lift the bike off the post and ride away.
There’s about 60-80 people in this starbucks. Nobody does anything. About 3 minutes later the guy finishes cutting - The bolts he cut weren’t holding down the sign; but rather, holding an illegal placard that was attached to the street sign. He puts the placard in his backpack and walks away.
Here’s the scam, there was a 3rd or 4th person in the store. If I got up to look out the window, the guy inside would talk to me and distract me while guy #3 & #4 took my stuff (laptop, wallet, jacket, etc.) I see this sh*t every day - I love this city!
Starbuck scam in NYC?..how about Goldman Sachs. They just hacksawed the American public for billions.
Pretty elaborate! Nice thing about where I live is half of the population is packing. It tends to make people polite and like scams very few and far between.
just to clarify gaddock… when you say “it was more like 7am-12am… all day saturday and sunday” are you talking about your time as a prop trader or the begining of your career as an FA? also, out of curiosity, what did you trade and where? and how much were u taking home as a trader?
[quote=Gaddock]Pretty elaborate! Nice thing about where I live is half of the population is packing. It tends to make people polite and like scams very few and far between.[/quote]
G, what is the population of the area you live in?
[quote=twoeyeguy]just to clarify gaddock… when you say “it was more like 7am-12am… all day saturday and sunday” are you talking about your time as a prop trader or the begining of your career as an FA?
Prop Trader, it was all consuming. also, out of curiosity, what did you trade Statistical Risk Arbitrage and where? Bright / Pairco and how much were u taking home as a trader?[/quote] Not enough for the effort but the learning experience was priceless.What percentage of your book is comission based?
Do you do any fee based business? What is your average account size? Congrats on making it and your positive attitude. . . . .loved your personal description too.The area I live in the county has just over $300k. A lot of $$ from up north comes here. Some consider it quite the tourist spot. We have very nice beaches etc. But strangely enough many of my largest clients are in NYC. That I find bizarre. It should be people from here having a broker in NYC not people in NYC having a broker here. The world is now a small place.[quote=Gaddock]Pretty elaborate! Nice thing about where I live is half of the population is packing. It tends to make people polite and like scams very few and far between.[/quote]
G, what is the population of the area you live in?